According to crypto analytics firm Santiment, XRP is in a “slightly bullish sign”.
Sanitation notes that XRP is showing slight capitulation from traders, compared to most other digital assets, which are witnessing mild profit-taking.
explains the company,
“Historically, coins that move in a greater ratio of losses compared to gains have a higher chance of increasing in value.”
XRP is trading at USD 0.483 at the time of writing. The sixth-ranked crypto asset by market capitalization is up 0.81% over the past 24 hours, but is down about 1.36% over the past seven days.
Sanitation too notes that crypto traders were feeling bearish early this week, an indicator that has historically been bullish for the market.
“After the crypto markets peaked last Friday, traders started the week expecting prices to continue falling and present opportunities to buy at the $27,000-$29,000 level. A high bearish sentiment increases the probability of a further increase.”
The crypto analytics company too say the largest non-exchange Ethereum (ETH) whales gobble up the second largest crypto asset and take it off the exchanges.
“The largest non-exchange addresses, meanwhile, are getting richer, while the best exchange addresses are approaching the emergence level. ETH supply on exchanges is down to 9.2%.
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